What is pulling Pakistan’s currency six feet under?

Updated 24 May 2019
0

What is pulling Pakistan’s currency six feet under?

  • Arab News hits the money trade markets to ask what factors are pushing the rupee down
  • Traders, businessmen, and citizens in a state of panic triggered by a dollar frenzy

ISLAMABAD: Pakistan’s rupee reached a new record low this week, selling at 153 against the dollar in the interbank market on Monday, continuing a slide that saw it lose more than 5 percent last week in the wake of a $6 billion loan accord with the International Monetary Fund.
Almost ten days after the new IMF accord, money traders are still uncertain which direction Pakistan’s currency will move. Some expect it will eventually stabilze while others are pessimistic about its future. But most traders, businessmen, and citizens across the country remain in a state of panic triggered by the dollar frenzy. 
Arab News hit the money trade markets in Islamabad to gauge the gravity of the situation and explore prime factors pulling Pakistan’s currency six feet under.


Jailed Pashtun lawmakers released after four months in custody

Updated 21 September 2019
0

Jailed Pashtun lawmakers released after four months in custody

  • Ali Wazir and Mohsin Dawar were arrested after a deadly clash at a security checkpost in northern Pakistan in May
  • In Twitter post after his release, Dawar thanked Bilawal Bhutto for support; said allegations of violence were “most hurtful”

PESHAWAR: After months of detention, two Pakistani parliamentarians from South and North Waziristan were released two days after they received bail in northwestern Khyber Pakhtunkhwa province, a senior member of their political party, the Pashtun Tahafuz Movement (PTM), said on Saturday.
The two lawmakers, Ali Wazir and Mohsin Dawar, were arrested alongside several members of the PTM following a deadly clash between troops and party supporters at the Khar Qamar checkpost in North Waziristan tribal district in May, where 13 people were killed.
“Justice has won and it is proved that Wazir and Dawar were innocent. Both the members (of the) National Assembly are among us and our constitutional and peaceful struggle will get fresh momentum,” Abdullah Nangyal, a senior leader of the PTM, told Arab News.
He said that hundreds of PTM supporters greeted the two lawmakers when they came out of the high-security Haripur prison after midnight on Saturday.
“The release of the MNAs had to be delayed for hours because of submitting legal documents and furnishing surety bonds,” Nangyal said.

From right, lawmaker Mohsin Dawar, leader of Pashtun Tahafuz Movement (PTM), Manzoor Pashteen, PTM leader Abdullah Nangyal and lawmaker Ali Wazir in a car heading to the provicial capital Peshawar after the release of the two lawmakers from a jail on Saturday, Sept. 21, 2019. (Photo: Social Media)

Soon after their release, both parliamentarians drove straight to the provincial capital of Peshawar alongside supporters, from where it is expected they will travel onwards to their home constituencies in North and South Waziristan.
After his release from jail, lawmaker Mohsin Dawar said in a series of Twitter posts that the “allegation of violence against us preachers of non-violence,” was the most “hurtful in all this.”
“I would like to thank all of those who raised their voice for our release. There are too many names, but one that I must mention is @BBhuttoZardari for his unwavering support both in & out of parliament,” he tweeted.
Headed by Justice Nasir Mehfooz, the Bannu bench of the Peshawar High Court (PHC) on Wednesday had conditionally approved bail applications that said the lawmakers would furnish surety bonds of Rs. 1 million each.
In addition, the court barred the parliamentarians from leaving the country, and directed them to appear before district police officers once a month.
Later, in a detailed verdict, the bench stated that the bail was granted only for a period of one month, and would be subject to conditions of “good behavior.” Before the expiry of that period, both men would need to file fresh bail applications in the PHC.
Separately, the two lawmakers were also named in a case lodged on June 7 at a police station in Bannu, after an IED explosion in Doga Macha in North Waziristan tribal district, left four army officers martyred. Wazir and Dawar were already in custody at the time of the IED blast and received bail in the Doga Macha case last month by an anti-terrorism court.